Antigua and Barbuda Economy

Antigua and Barbuda is a part of the Caribbean Islands andAntigua and Barbuda economy is dependent on the service sector. A major portion of the revenue is contributed by this sector. Tourism and government services employ most of the population in the island.
Antigua and Barbuda Island is decorated with spectacular beaches and has been voted as the best marriage venue. Hence the tourism industry of Antigua and Barbuda is very well developed and is the major earner of foreign exchange.

Depending on this industry the economy of Antigua and Barbuda increased by 5.2% in 2004 but the following year it fell from that height to record a 3.2% growth. The tourism industry has contributed more than 50% of the GDP.

Industry : Antigua and Barbuda Economy
The tourism industry is the most established one in Antigua and Barbuda. Two of the world�s best beaches are located in the dual island. Dickenson Bay Beach and Half-Moon Bay beaches have their names enlisted as the two best beaches in the world.
The dual islands have also been rated as the best marriage venue and has its name enrolled in Guinness Book of World records for hosting most marriages per capita. Their carnival is one of the best in the entire world.
Agriculture in Antigua and Barbuda
In the early times the natives grew cotton, indigo, tobacco, ginger as cash crops. Sugar cultivation became popular during the later times and it soon replaced the other cash crops in terms of earning foreign exchange.

The government of this dual island is putting lot of efforts in developing the economy. In 1995 a series of Hurricanes destroyed major parts of the dual island, which resulted in reducing the number of tourists. Terrorist attacks have also contributed to the topsy-turvy of Antigua and Barbuda. But the task of the government in improving the infrastructure is commendable. It is soon expected that they will restore their lost glory.

Antigua and Barbuda Economic Performance 1990-2013
Year GDP % Change Inflation % Change Year GDP % Change Inflation % Change
1990 2.28 6.59 2002 2.6 2.41
1991 2.73 4.52 2003 5.74 1.99
1992 0.85 3 2004 3.22 2.03
1993 5.08 3.1 2005 7.56 2.1
1994 6.17 6.49 2006 12.77 1.79
1995 -4.95 2.64 2007 7.07 1.42
1996 6.07 2.74 2008 1.54 5.33
1997 5.56 0.38 2009 -10.67 -0.55
1998 4.93 3.85 2010 -8.53 3.37
1999 4.93 0.61 2011 -5.48 3.46
2000 3.32 -0.58 2012 1.02 3.85
2001 -4.42 1.66 2013 1.5 3

 

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Last Updated on : 28th February 2017